New ATM Up And Running Just For Virtual Currency

A practically unknown virtual currency is making its way into the real world. The first Bitcoin ATM is up and running in Albuquerque, New Mexico. Laura Thoren explains why the ATM is in New Mexico and whether anybody's even using it. Do you know what "Bitcoin" is? "No, never heard of it," says one young lady. She's not alone. "Is it like imaginary money?" asks one man. "Is that what is is?" Not exactly. "I think it's something on the Internet that's worth currency," says another man. He's getting closer and Bitcoin is getting closer to us! The first-ever Bitcoin ATM is now up and working in Albuquerque at the cigar shop, Imbibe. So because the vast majority of us have no idea what a Bitcoin is, we went straight to the source, the owner of Enchanted Bitcoins, to ask him to explain this currency. "Perhaps you can call it programmable money," says Eric Stromberg, Enchanted Bitcoins Owner. Stromberg says all you need is cash and a smartphone. "I'm going to go ahead and insert one dollar," he says. What he's doing is purchasing a fraction of a Bitcoin. The digital currency then shows up in your virtual account, in this case, Stromberg's phone. "So where can I use my Bitcoin?" asks Laura Thoren. "Well, there are a small but growing number of merchants that accept Bitcoin," says Stromberg. Web sites like overstock.com and even some local New Mexico restaurants, including Ortega's. But how about this. One place that doesn't accept Bitcoin is the shop where the ATM is located. But that could change soon. "We want to be part of the future," says a manager of Imbibe. As soon as next week, a manager tells us, you may be able to pay with Bitcoin at Imbibe. The owner of Enchanted Bitcoins says he chose New Mexico for the first ATM because it's one of just three states that doesn't require a license to transmit money.